Fallin Says Financial Regulation Legislation Will Hurt Consumers, Kill Jobs

Press Release

Congresswoman Mary Fallin (OK-05) today opposed new financial regulations that would institutionalize taxpayer-funded bailouts and expand the government's control over the private sector. Fallin called the legislation more of the same job-killing policies this administration has pursued since taking office. "This legislation will freeze capital and limit the availability of loans and financial resources for credit-worthy individuals, businesses, and farmers and stifle any growth or job creation in our economy," Fallin said.

"This bill will not cure the problem that caused our financial market to collapse," Fallin said. "Instead, large fee increases on local community banks will dry up capital and freeze access to loans for small businesses. This is not the kind of pro-growth, common-sense regulation that will increase confidence in our economy and support job creation."

"As the national unemployment rate remains at 9.7 percent, liberal Democrats in Washington continue to pile more tax increases, government regulations, federal mandates and deficit spending onto the backs of families, businesses and future generations," said Fallin. "If this Democratic majority were serious about ending taxpayer-funded bailouts and stabilizing the economy to create good jobs, they would have addressed the biggest bailout of all-time in their legislation - Fannie Mae and Freddie Mac. The federal bailout of these insolvent mortgage giants has cost taxpayers $145 billion and counting. Without real reforms to Fannie and Freddie, the largest federal bailout and root cause of the financial crisis won't even be addressed."

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